A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
* Check out the microblogging on Twitter: @CvilleBubble *

Sunday, September 21, 2008

Local Economy: Consumers Cutting Back

The DP reports that the nation-wide recession has finally hit Charlottesville:

*Only760 house sold in Charlottesville and Albemarle during the first six months of 2008 — the lowest number in at least seven years, according to a mid-year report by the Charlottesville Area Association of Realtors.

*Motor vehicle and parts sales during the first half of 2008 fell by 4.2 percent when compared with the first half of 2007, according to the Virginia Department of Taxation.

*In part because sales-tax collections have fallen short of projections, Charlottesville is anticipating a $1.78 million budget deficit and Albemarle expects a $4.1 million shortfall.

*At the same time, the state government is projecting a shortfall of at least $1 billion, brought about by lower-than-expected revenues. UVa & PVCC have both been instructed to cut their budgets.

Now after a day of hitting the parade of homes in our fair city, I'm off the the North Wing of Barracks Road to spend wads of cash at locally-owned boutiques, then later choosing between a Saab or Volvo which I'll purchase tomorrow.

I hope the places you toured were LEED-certified green homes!To be a true Charlottesvilleian, you gotta buy a Subaru or a Prius. Did you know they're rolling off the assembly lines with "Obama '08" stickers?

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.